Knowing Your Limits

Knowing Your Limits when it comes to managing your money is just as important as managing the poker table because without any money you won't be able to play poker in the first place and unless you are going to play poker all the knowledge in the world about poker will be a waste of time.
Be especially careful if you are new to gambling at poker. Some players can go On Tilt if they are not careful. Going on tilt is when a player begins to lose and their play becomes erratic as they begin to make bigger and more risky bets to make good their losses. This inevitably results in higher losses until they are bust.
If perhaps more importantly you begin to feel compelled to play over a more prolonged period of time you may well be developing a gambling addiction. If you are getting rich this may not be as great a problem as if you were no longer paying the rent or neglecting your friends and family. If you have any doubts you should seek help before it becomes a problem.

A wise investment strategy and a bankroll limit will pay dividends at the poker table. Do not start to think about your past losses or profits during the game, they have no bearing whatsoever on the likelihood of your winning the next hand and how much you should stake on it. Decide before you play online poker how much you are prepared to lose that session and then chose the table from the lobby that is playing at a level of stake where you think you will be able to play and perhaps lose over the period of time you wish to play for. Stick to your limit. To begin with I would suggest no more than $50. Once it's gone call it a day.

On the other side of the coin you should also set yourself a winning limit of say $200 and once you hit that limit you also call it a day. There are few things worse than being well ahead only to lose it all as you tire of calculating your pot odds properly or you become complacent.

Poker is far more about playing consistently and carefully rather than making big rash moves. Set your limits and stick to them, play at the tables you feel comfortable at and do not keep reaching for your credit card to top up your bankroll if you are losing money. Finish for the day, think about why you were losing and perhaps study some more to improve your game. Practice on the free tables if need be but don't get into a rut of losing and stay there. Stop, go back to the basics and start over.

Remember it is success that breeds success not failure!